23 West Apartments

Lending - FHA - $23M

Greystone provided $23,452,300 in HUD-insured financing for the construction of 23 West Apartments, a 176-unit community planned for Gainesville, FL. The transaction was originated by Christine Griffin, a Managing Director in Greystone’s New York office.

One of the first new construction multifamily developments planned in metro Gainesville west of I-75, 23 West Apartments will comprise 15 2-story buildings. Developed by principal Svein Dyrkolbotn of Viking Companies, 23 West will include a mix of 60 one-bedroom, 92 two-bedroom, and 23 three-bedroom units, in a townhome style, all with attached garages and additional parking, spread over almost 20 acres. Planned community amenities include fitness center; swimming pool; community room; picnic/play area; business center; and car care area. The HUD-insured loan period covers 17 months of construction plus 40 years.

“Having developed a number of student housing and large commercial properties in the Gainesville area, this transaction marks the borrower’s first foray into market rate multifamily development,” said Ms. Griffin. “Using this lending platform, borrowers can take advantage of low, fixed-rate construction and long term fully amortizing permanent financing based on expected future rental income. It was a pleasure to work with the dedicated and creative folks at the Viking Companies and we truly value their business,” she added.

“This project will help meet the demand for new rental housing in Gainesville, and we took great care to design a community that takes into consideration what local families value in residential offerings – townhouse design, accessibility, security and amenities,” said Mr. Dyrkolbotn. “Greystone has served as a trusted and reliable lender as they guided us through the process, and we are excited to deliver the product to the market,” he added.